French banking and financial services firm Societe Generale has announced that it will issue an Ethereum-based stablecoin through its private digital asset arm.
Societe Generale announced on April 20 that it will launch its euro-backed stablecoin targeting institutional customers. The abbreviation of the stablecoin, which will be named EUR CoinVertible, will be EURCV. The new digital asset will only be available to investors that Societe Generale has accepted through existing Know Your Customer and Anti-Money Laundering procedures.
Developed in Compliance with MiCA Framework
Making a statement on the subject, Jean-Marc Stenger, CEO of Societe Generale-Forge, said: “In the coming weeks, Societe Generale-Forge will evaluate the interest of potential customers and answer their questions for gradual adoption.”
Expected to be released, this stablecoin will only be made available to institutional qualified investors through eligible market platforms, including crypto trading platforms. According to the statements, EURCV was designed to bridge the gap between traditional capital markets and the digital assets ecosystem. SG-Forge has decided to launch the digital asset in response to the growing demand for a new settlement asset for on-chain transactions.
The benefits of EURCV include enabling new solutions for corporate treasury, cash management, cash pooling activities, on-chain liquidity funding and refinancing.
It was also developed in accordance with European digital asset regulations, also known as EURCV, Crypto Asset Markets or MiCA framework.
Societe Generale, one of the largest banks in France, has been interested in cryptocurrency and blockchain technology for the past few years. The company launched custody services for crypto fund managers through its Security Services subsidiary in September 2022.
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